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Insights into the Future of Digital Business

The pandemic has irreversibly changed the way we work. “Phygital” seems to be the current scenario and digital the future. Many businesses, however, had already shifted from offline to online processes long before the pandemic while the last six months have witnessed only online transactions and dealings.

Organisations have also revised their business priorities as they strive to find new solutions to accelerate the business pace and find long-term success. Traditional face-to-face methods have been replaced by tools like online wallets, e-commerce business, Video KYC for banks and insurance firms, AI-led instructions and more.

Organisations will soon start building their digital platforms while utilising advanced analytics with greater intensity. For example, DBS Bank understood the need to do more for its customers and adopted a RED mantra: Respectful, Easy to deal with, and Dependable. This involved tech-driven processes because they strongly believe that making banking joyful should involve making the ‘banking’ part, invisible.

Here’s how the country is paving the path for digital business growth.

Digitising Sales and Customer Processes

Businesses have begun to consider digital tools and processes, especially for selling a product and meeting customer process requirements. Companies are adopting and implementing a host of applications, digital payment methods, self-service platforms, digital documentation, onboarding and electronic signatures to ensure that internal operations, income and revenue continue to flow. Even the smallest of businesses have taken to digital to keep the customer inflow intact, by adopting the latest AI technology and tools like face recognition and biometric signatures, and they don’t seem to be going back to their traditional ways anytime soon.

The finance industry, including banks, NBFCs, fintech, insurance and many others now choose online processes to make business easier for customers, including opening an account through video KYC. Customers no longer need to visit the branch to complete all the formalities and fill out extensive forms. Video KYC speeds up the process ensuring they are onboarded in just two minutes!

Digital Marketing to Customers

The way companies market their products is also evolving rapidly. Given that industry gatherings have shut down, B2B companies like Slack and Zendesk have adopted new ways to engage customers via their digital video advertising strategy and generated new business leads. Digital content, especially ads directed via social media platforms need to be data-driven, personalised and displayed to the right customers for a continued boost of sales and marketing. This can also help improve efficiency and ROI.

Empowering Employees with the Right Tools

To ensure that employees reach their maximum potential in these times, it is imperative for companies to adopt technology that makes operations and processes easier and more efficient. Employees need to be educated about the latest technologies and trained on how to deal with new clientele, digitally, for maximum customer satisfaction.

For example, Kwik.ID, our Video KYC tool is enabled with customer queueing facility to reduce customer repetition. The analytics dashboard helps agents manage their time more efficiently. Finally, the Neuro Linguistic Programming software ensures agents understand and guide customers better, and (instantly) resolve their issues.

Using the Cloud for storage of enterprise applications, planning and management, workforce management, billing and many others, not only provides easier employee access to technology but also helps manage cybersecurity better as everything is housed together. It is also important for organisations to have all the documentation and customer data in one place—no matter where the agent or employee is, data can always be accessed remotely and work needn’t stop. At Think Analytics, we recommend working on-the-go, which our video KYC tool enables, by storing all the data in one place.

In the coming months, online tools like digital banking, e-wallets and video KYC can significantly benefit investors, insurance companies and agents, banked and unbanked sectors, non-banking entities and many others. While these tools boost business, they also help battle slow-moving business owing to the COVID crisis while ensuring that work continues seamlessly from anywhere across the globe.

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PFRDA Allows Onboarding Subscribers via Video KYC (V-CIP)

The Pension Fund Regulatory and Development Authority (PFRDA) permitted its intermediaries on October 6 to use Video based Customer Identification Process (V-CIP) for new onboarding and/or account withdrawals by National Pension System (NPS) subscribers. PFRDA’s announcement comes on the heels of IRDAI allowing life and general insurers to leverage video KYC facility, to vet customer credentials for new customer onboarding. Earlier this year, the RBI had amended the KYC norms, thereby allowing all banks and lending institutions to use V-CIP. Not to forget that most NPS distributors are regulated by the SEBI and RBI, who had already approved video based KYC. It is not surprising that  PFRDA has followed suit.

The need and benefits are many, some obvious, and some not so much.

Why was the VCIP process required?

PFRDA which regulates NPS has been constantly introducing new methods of subscriber authentication and various modes of KYC to make the overall process seamless and subscriber friendly. It has already announced a slew of measures like offline Aadhaar based onboarding, third-party reliance for KYC, OTP/ eSign based onboarding and e-exit for eNPS Subscribers.

Still, NPS subscribers were facing many challenges. For instance, they had to be present for in-person verification at the POP (Points of Physical Presence) which resulted in a delay in the process of withdrawal as well as exit. Video-Based Customer Identification Process (VCIP) will do away with the requirement of compulsory physical presence. 

VCIP allows for remote/ at-home opening of NPS account

With the COVID-19 pandemic forcing everyone into their homes, the turnaround time for onboarding processes has gone up significantly. Residential buildings have multiple rules around allowing visitors, for instance, which adds to further inconvenience and friction.

VCIP, apart from making the overall process paperless and instantaneous, also helps subscribers avail NPS services without being physically present at the POPs. The truly remote and secure nature of VCIP allows for better customer experience

Cost-effective vis-a-vis Physical KYC

Video KYC is as much about speed as it is about cost effectiveness. Processes can be designed for minimal steps (UI) and great User experience (UX). Opting for digital video identification solutions also brings down the cost compared to physical KYC. Additionally, a single agent delivers 15-20x productivity of an in-field agent. If the average cost of physical KYC of the customer would cost Rs 200, the video-based process cost will come down to 10-20 percent of the entire cost over the medium to long term.

VCIP reduces dependency on third party service providers and facilitates 2 mins onboarding process

The traditional KYC process can often take 10-15 days as there are were too many steps, entities, and checks and balances involved. On the other hand, a direct two-way audio video communication between the customer and authorized agent of the regulated entity can be established, thereby eliminating the dependency on any third party. One can complete KYC and onboarding through VCIP in a single video call, powered by intelligent queuing and experience management algorithms, as it will be a direct interaction between the customer and the representative. The humanisation of digital channels creates seamless, empathy and higher conversion rates. Well designed journeys can be executed in less than 2 minutes

Video KYC makes life easier for intermediaries as well

As per the the new guidelines, Points of Presence (PoPs) registered with PFRDA, must adhere to the V-CIP guidelines, issued by regulators for performing NPS related activities. By doing this the PFRDA intermediaries will not have any extra burden due to the introduction of the VCIP facility.

Technologists often speculate about the next wave of customer engagement. Video, with the decreasing cost of bandwidth and increasing adoption of internet based communication (such as Whatsapp Videos, Tik-Tok, Zoom, etc.), is the next big of driving customer interactions, and will increasingly be used by businesses to drive B2C interactions. The introduction of VCIP across products will also drive positive impact  in financial inclusion initiatives; bringing people who were hitherto unable to avail financial services due to geographical and access challenges, time constraints or cost factor, into the mainstream.

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A Look at How AI is Transforming the Insurance Sector

With IRDAI introducing Video KYC for insurance companies, the sector gets much relief to operate swiftly, as people turn to digital businesses and onboarding. Of course, with the introduction of this new digital tool comes the introduction of Artificial Intelligence (AI) in the Insurance space, which the industry is slowly but surely adapting to.

AI makes life simpler not only for the parent companies, but for insurance agents as well, who can now get detailed insights into customer interests, understand their insurance needs better, and onboard them in a jiffy, and do all of this, online. With the introduction of Video based KYC in insurance, we at Kwik.ID have noticed an instant willingness to adopt AI, among customers, agents, and companies. Here are some reasons that explain its growth trajectory.

The digital age welcomes the power of AI seeping into insurance

AI and the Insurance Sector

AI technologies aren’t a new term for businesses and are widely used across operations and applications including data analytics, automation, and natural language processing which helps understand the customer better. With AI, agents are assured of better insights regarding customers which thereby culminate into better customer service. Apart from that, AI eliminates the risk of fraud, encourages better productivity and even helps market and up-sell insurance products better. It is believed that by the next decade, AI will reshape the insurance sector with insights regarding a client’s idiosyncratic risks.

Customer Service

AI-powered chatbots add value to your business by providing top-notch support and services. They work without human intervention and also answer complex queries while supporting NeuroLinguistic Programming, which interprets and analyses the customer’s verbal statements and provides an accurate answer. These AI bots can be integrated not only into your website, but across social platforms and other digital interaction tools, so as to streamline your customer data and interactions with them. This helps the company achieve better customer engagement and productivity.

Fraud Detection and Prevention

Fraud detection is a knowledge-intensive activity which is applied across industries like banking and insurance. AI analyses historical data and identifies a set of patterns using Big Data and IoT (Internet of Things) to unlock hidden insights. Moreover, it supports e-signatures, and face detections so as to prevent any kind of fraud. At Kwik.ID, our cutting-edge Video KYC tools are integrated with AI-powered Liveliness and Face Recognition which ensures that the customer being dealt with is real and genuine.

KYC Process

Various regulators and industries have begun noticing the potential of V-KYC for a superior customer driven process that helps onboard them in minutes. IRDAI recently released a circular that permits Video KYC for insurance companies as well as for agents, which benefits everyone, including policy buyers, who can now buy with ease. The compliance process has been made simpler, physical contact has been minimised and business continues to move faster than ever before, owing to a quick video KYC process. It takes barely two minutes to onboard a customer now with our video KYC tools, so we can certainly vouch for it being a swift process.

Claims Management

AI technologies make information systems more adaptive and improve the interaction between humans and computer systems. Bots can review claims, verify policy details, check for fraud, and process payments, making the process much faster and efficient. Underwriters have a more accurate risk assessment, and applications are processed in just a fraction of time.

Insurance executives believe that AI will significantly transform the industry in the near future by enhancing the customer experience with automated personalized services. As customers embrace the digital age and AI adoption gains momentum across industries, insurance companies have begun to show signs of stepping up and transforming their processes with cutting edge technologies like AI.